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Markets Fall on Greece's Gall


Today's financial recap and tomorrow's financial outlook.

Today on T3 Live

T3 Live Buzz and Banter contributor Brandon Perry took a look at the technicals on IBM, noticing the positive and reconstructive action in the stock. He believes that IBM has settled in a durable low back in late January, then created a new trendline upward, broke through resistance and filled the gap. He will hold it until around $200 per share with stops placed fairly tight around the old resistance line.

Click here to learn more about the Buzz & Banter

Today's Market Recap

Markets opened lower as talks between Greece and its creditors collapsed over the weekend.

The VIX gained 11.6% today as the fear quotient rose, while the S&P 500 and other major indices posted modest losses.

However, European markets were hit very hard.

Italy's MIB tumbled 2.40%, while Germany's DAX closed down 1.9% and France's CAC fell 1.8%.

Economic data for today was on the weak side. Empire manufacturing for June missed at -1.98 vs. the expected 6. Industrial production was -0.2%, missing by 0.4%. Capacity utilization for may missed at 78.1 vs 78.30. Manufacturing production for may was 0.2%, slightly lower than the expected 0.3%. The NAHB Housing market index for June bucked the trend by coming in above consensus.

Oil prices fell on a higher dollar and ongoing fears of global oversupply. Last week, Saudi Arabia announced that it may increase production in order to meet global demand growth. Traders are also concerned about additional output from Iran, Iraq, and Libya.

US bond yields rose slightly today, while in Europe, bund yields fell while those from Italy, Spain, and France skyrocketed.

The cybersecurity sector outperformed today. The Purefunds ISE Cybersecurity ETF (HACK) closed up 1.0% today.

Home construction, small cap biotechs, and health care also enjoyed small rallies.

Emerging markets, social media, and industrial sectors were notable under performers.

Twitter (TWTR) fell 3.4% today after Axiom Securities cut its target price on the stock to $40 from $45. Axiom also lowered its expectations for user growth.

Redhill Biopharma (RDHL) rallied 15.9% after the company announced positive data for a new drug treatment.

Momentum darling Ambarella (AMBA) continued its resilience, hitting a new all-time of $120.77 before ultimately closing down 0.8%.

Chinese markets cooled off again today as the Shanghai Composite fell 2.0%. The Hong Kong Hang Seng Index closed down 1.5%. Japan's Nikkei fared slightly better, closing down 0.1%.

Tuesday's Financial Outlook

US economic data for tomorrow will feature housing starts and building permits for May.

Overseas economic data will feature Swiss SECO June 2015 economic forecasts, Germany's and Britain's consumer price index, Germany's ZEW economic sentiment survey, and Japan's trade balance.

FactSet (FDS) will announce its earnings before the open. Adobe Systems (ADBE) and La-Z-Boy (LZB) will report after the close.
No positions in stocks mentioned.
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